Some Google shareholders may be feeling like second-class citizens this morning.
The internet giant's controversial stock split occurred last night with trading commencing today. So far, investors seem to be favoring one share class over the other.
The newly issued Class C shares were priced at about $586 in early trading. Google's class A shares, which trade under the ticker "GOOGL(GOOAV)," were trading at more than $587.
Both shares continued to rise throughout the morning, but the slight differential in prices remains. Class A is clearly king.
The Class C shares, which trade under the old ticker symbol "GOOG(GOOG)," do not give investors the right to vote at Google's annual shareholder meeting. That could be why the price is lower than the Class A stock, which does have voting rights.
Google shareholders were issued two shares for every one share they owned at half the price.